Debt restructuring is an important tool to be used in the situations of economical crisis of the businesses. The business entities find it difficult to meet their debt obligations in the difficult business conditions and therefore, they opt for the agreement for debt restructuring, in order to lower the payments to a level, which can be under control. The debtors who are unable to pay the periodical payments, opt for contractual agreement with the creditors.
An entrepreneur can file a debt restructuring agreement not only in case of insolvency but also in cases, when the company faces financial setbacks and is on the way to bankruptcy. The agreement must be approved by sixty percent of the creditors in order to obtain court approval. A debt restructure may change the loan. In another case, the lender or creditor may create a new loan for the specific situation. The debt structuring scheme works the best, when the debtors are unable to pay the debts for a temporary period of time.
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